Bank of Baroda announces the launch of ‘Baroda Kisan Diwas’

Baroda Kisan Diwas  – an initiative by BoB to celebrate the spirit and vigor of farmer fraternity of our country.

Mumbai, October 8, 2018 (GPN) : Bank of Baroda today announced the start of a unique initiative called ‘Baroda Kisan Diwas’ today to enhance their AgriBanking portfolio.

Baroda Kisan Diwas and Baroda Kisan Pakhwada is a one of its kind preposition by a national bank at a pan India level for celebrating the spirit and vigor of farmer fraternity of our country. Bank of Baroda has made a total of 42 MOUs tie up arrangements with several corporates and Government agencies towards assisting their farmers, suppliers, vendors through various financial products. They include

    • 11 SRLMs for promoting credit linkage to SHGs

    • 9 collateral Managers for extending Warehouse Receipt Finance

    • 3 Micro Irrigation system manufacturers for promoting efficient irrigation

    • 3 Large scale dairy processing companies for cattle financing

    • 6 Startup companies for providing modern technology interventions in farming

    • 4 Developmental organizations working in the area of agriculture for financing their farmers

    • Government Agencies

The bank has also undertaken various innovative steps to serve the farmers fraternity of India. These new initiatives include regional / zonal tie ups with Agri corporates for financial assistance to their farmers, launched a new tractor financing scheme as per industry practice, hiring of DSTs from open market to bring in skilled sales force for farm equipment financing is in process, in order to bring automation in loan processing system, Loan Life Cycle Processing System (LLPS) is being promoted vividly. As of now, the bank has also made Bank of Baroda Kisan Credit Center (BKCC) live and are about to roll out all products as early as possible.

The Ministry of Agriculture and Farmers Welfare has also introduced programmes, schemes & new initiatives to promote sustainable agriculture and support the government’s plan to double the farmers income by 2022.

Bank of Baroda’s 2286 dedicated Agri officers offers award winning Agricultural Banking to more than 61% of bank’s network operating in Rural & Semi urban Areas. Bank of Baroda has a network of 49 Baroda Swarojgar Vikas Sansthan and 51 Financial Literacy and Counselling center and 5518 branches pan India. The bank also extends dedicated branch services to Agri customers through their identified / demarcated branches in the name of Specialized Agri Finance Branch operating at 4 locations.

On the occasion, bank’s MD and CEO, Mr. P S Jayakumar, said “As per the estimates by the Central Statistics Office, the share of agriculture and allied sector is in declining trend. While celebrating the Indian farmers and their fraternity through ‘Baroda Kisan Diwas’, we at bank of abroad are pleased to contribute towards an effective growth of this community. I believe, that through these valuable interventions to educate them about the various financial products available, we not only are going to facilitate their personal growth but also that of the entire nation.”

Over 58 per cent of the rural households depend on agriculture as their principal means of livelihood. 86% of these constitute of small and marginal farmers. India has second largest cultivable area in the world after USA and largest (15) number of agro-climatic zones in India. India’s agricultural export constitutes of about 10 per cent of the country’s total exports and is the fourth-largest exported principal commodity. India’s is the second largest fruit producer in the world, the largest producer of milk in the world. It is also a nation that is the largest producer, consumer and exporter of spices and spice products. Bank of Baroda aims to cater to the cultivators of these essential commodities and help the government in growing this sector at an exponential rate. ENDS

About the Author

Sachin Murdeshwar
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.